1) The terms of sale are strictly cash on delivery to the
highest bidder unless special arrangements have been made prior to the auction.
On all lots sold a commission of fifteen percent (15%) on the winning bid will
be payable by the buyer. Costs of handling, postage, registration and/or
insurance will be charged to the buyer.

2) All bids are per lot as numbered in the catalog unless
otherwise announced by George Alevizos (hereinafter the "Auctioneer")
at the time of the sale. The right is reserved to group two or more lots, or to
withdraw any lot or lots from the sale. The Auctioneer shall regulate the
bidding and, in the event of any dispute, his decision will be final.

3) Successful bidders, unless they are known to us or
supply acceptable references, are expected to make payment in full before the
lots are delivered. A successful mail bidder will be notified of lots purchased
and must remit payment in full before the lots are sent. A person known to the
Auctioneer or who furnishes satisfactory references may, at Auctioneer's option,
have purchases forwarded and, in such instance, buyer agrees to remit payment in
full within seven (7) days from receipt of lot(s). Delivery will be to the
address on the bid sheet. Proof of receipt at the advised address shall
constitute delivery.

4) Title shall not pass to buyer until full payment has
been received by the Auctioneer.

5) Any lot which is declared to be other than genuine by a
mutually acceptable authority is returnable, provided the lot is received by
Auctioneer within a period of four (4) weeks from the date of the auction. Proof
that a mutually acceptable authority declines to express an opinion is not
grounds for the return of a lot. When an opinion from a mutually acceptable
authority is not expected within four (4) weeks from date of the auction, buyer
shall notify Auctioneer in writing of any such delay within twenty-five (25)
days from auction date. No lot will be accepted back under any circumstances
more than four (4) months after the auction date. We will not be responsible for
any charges incurred by the buyer for expertization fees and costs unless the
opinion states the item is not as described, in which case we will pay actual
costs up to a maximum of Fifty Dollars ($50.00) per lot.

6) Buyer agrees to pay for lots as specified above and no
credit is extended; a late payment charge of one and one-half percent (1 1/2%)
compounded per month is added to overdue accounts (minimum charge of $10.00 per
month). If Auctioneer, at his discretion, should institute any legal action to
secure payment of a delinquent account, the defaulting buyer shall pay all legal
fees and costs and collection charges incurred by Auctioneer and such charges
will be added to the amount owed. Auctioneer reserves the

right to dispose of all lots without notice to defaulting
buyer if payment is not made under the terms specified herein, and defaulting
buyer agrees to pay the reasonable costs of such subsequent sale; should a lower
price be obtained, defaulting buyer further agrees to pay any such difference to
Auctioneer.

7) Any lot, the description of which is incorrect, is
returnable within seven (7) days of receipt and must be received by Auctioneer
within four (4) weeks from the date of auction. All disputed lots must be
returned intact in the condition received. The following lots are not returnable
except at the discretion of Auctioneer: lots containing ten (10) or more items;
lots from buyers who had the opportunity to examine them before the auction;
stamps on account of appearance or centering when they are illustrated in this
catalog; lots offered ''as is"; and lots altered from their original
condition. Late remittance may be considered just cause to revoke all return
privileges.

8) The California sales tax is payable by a buyer subject
to that tax.

9) Bidding in this sale constitutes acceptance by the
buyer of all of the foregoing Conditions of Sale.